The number of Singapore-invested industrial parks in Vietnam is set to increase by around 17 after Singapore Prime Minister Lee Hsien Loong visited Vietnam on Tuesday.
Singapore Prime Minister Lee Hsien Loong (front, L) and Vietnam Prime Minister Pham Minh Chinh (R) are seen at an event in Hanoi on Aug. 29, 2023.
On Tuesday morning Lee and his Vietnamese counterpart Pham Minh Chinh witnessed the groundbreaking ceremony of three Vietnam Singapore Industrial Parks (VSIPs) in the northern province of Bac Ninh, the central province of Nghe An and the southern city of Can Tho.
They also witnessed the signings to approve the investment of four more VSIPs in four localities, and an agreement to develop 10 more VSIPs in upcoming years.
The two PMs were also present in the launch of the Vietnam-Singapore Innovation Center in Binh Duong, an industrial hub neighboring Ho Chi Minh City.
"Singapore is happy to contribute to Vietnams development," Lee said.
When Lee visited Vietnam 10 years ago, he witnessed the groundbreaking ceremony of the fifth VSIP in the country.
There are now 14 VSIPs in 10 localities. They have attracted $18.7 billion in investment and created 300,000 jobs.
The new VSIPs showcase the partnership and trust between the two countries, Lee said.
The two PMs have voiced support for the consideration of upgrading the two countries’ bilateral partnership to comprehensive strategic partnership.
PM Chinh said that criteria have been met for the upgrade, especially with the visit of Lee.
Vietnam is the 12th largest trading partner of Singapore, while Singapore is the 15th largest trading partner of Vietnam.
Bilateral trade last year rose nearly 11.6% to $9.15 billion.
Singapore is the second biggest foreign direct investor in Vietnam with over 3,270 projects worth a total capital of $73.4 billion.
PM Chinh promised Singaporean business representatives that Vietnam will make strategic changes in its policy and infrastructure to reduce bureaucracy and increase businesses’ performance.
"We consider your success our success," he said.